Re: [GNC] Bootstrapping and Company Ownership.
Also, thank you too, Jean-David Beyer and Adrien Monteleone. I will seek for professional advice regarding this. Best regards, Jason. -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Bootstrapping and Company Ownership.
This mailing list is not for official accounting or legal advice. It is for how to use GnuCash. (and help with any quirks, bugs, etc.) Everyone’s situation is different, influenced by their personal circumstance and their local laws. You should seek the advice of a *local* CPA and/or business attorney. We can’t (and shouldn’t) explain what you *should* do, but we can help you with *how* to make the accounting entries (and run the reports) using GnuCash once you’ve gotten that professional advice. (if the User Guide and Help manual don’t answer those questions for you) Regards, Adrien > On Jan 15, 2019, at 4:44 PM, jason wrote: > > I will issue a common stock, but I am not eligible to own a legal entity > until 21 years old. It's a dillema, it does sound I loan capital to the > business as of right now. Is it okay to issue a common stock with par value > of $100. Although, I don't have a legal entity? > > > > -- > Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Bootstrapping and Company Ownership.
On 1/15/19 5:44 PM, jason wrote: > I will issue a common stock, but I am not eligible to own a legal entity > until 21 years old. It's a dillema, it does sound I loan capital to the > business as of right now. Is it okay to issue a common stock with par value > of $100. Although, I don't have a legal entity? > In the mid-1959s in New York State, a friend of mine and I wanted to start a company and we were both under 18 years of age; we were still high-school students. We did not want to issue stock, but there were other problems: 1.) Banks would not allow us to have a checking account until at least one of us was over 18. 2.) We had to file a declaration in City Hall called a Certificate for Doing Business Under An Assumed Name, in which we had to state that we were (legal) infants. An attorney was required to do this, and a fee paid to the county clerk to file it. 3.) To set up a legal corporation, and issue stock (not listed on a stock exchange), we needed a board of directors all of whom were adults (i.e., over 21 years of age). A corporation like that was authorized to issue up to 200 shares of stock, although the board of directors, if authorized by a majority of stockholders, could authorize the issuance of more shares. We never did set up the corporation. I do not know if any of that applied in other jurisdictions, and I do not know if the laws are still the same as 50 years ago: I pretty-much doubt it. -- .~. Jean-David Beyer /V\ PGP-Key:166D840A 0C610C8B /( )\ Shrewsbury, New Jersey ^^-^^ 21:10:01 up 11:44, 2 users, load average: 4.14, 4.29, 4.39 ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Bootstrapping and Company Ownership.
On 1/15/19 2:44 PM, jason wrote: > I will issue a common stock, but I am not eligible to own a legal entity > until 21 years old. It's a dillema, it does sound I loan capital to the > business as of right now. Is it okay to issue a common stock with par value > of $100. Although, I don't have a legal entity? > Where are you located? Sounds like what is legal here might not be legal there. -- Stephen M Butler, PMP, PSM stephen.m.butle...@gmail.com kg...@arrl.net 253-350-0166 --- GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8 ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Bootstrapping and Company Ownership.
I will issue a common stock, but I am not eligible to own a legal entity until 21 years old. It's a dillema, it does sound I loan capital to the business as of right now. Is it okay to issue a common stock with par value of $100. Although, I don't have a legal entity? -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Bootstrapping and Company Ownership.
On 1/15/19 2:26 PM, jason wrote: > As of right now, is it okay to record it under DB Cash and CR Paid-in > Capita:Jason ? OR should I use CR Common Stock:Jason acccount? In my Assets I have a placeholder account called LLC Companies. Under that I have an account for each company that I own or have partial ownership. Money I put in is applied there with the other side being the checking account (or wherever I took the money). But, that's just me sitting here in the State of Washington in the good ol' US of A. You can start out that way and then move the accounts however the CPA decides they want to see it. -- Stephen M Butler, PMP, PSM stephen.m.butle...@gmail.com kg...@arrl.net 253-350-0166 --- GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8 ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Bootstrapping and Company Ownership.
As of right now, is it okay to record it under DB Cash and CR Paid-in Capita:Jason ? OR should I use CR Common Stock:Jason acccount? Did you issue common stock or is it a loan to the business from you? You really should speak to an accountant. -- -- See Jane. See the dog. See the dog maul Jane. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Bootstrapping and Company Ownership.
As of right now, is it okay to record it under DB Cash and CR Paid-in Capita:Jason ? OR should I use CR Common Stock:Jason acccount? -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Bootstrapping and Company Ownership.
On 1/15/19 2:11 PM, jason wrote: > Good morning, > > Currently, I am learning to have a legal entity (I am 19 years old, 21 years > old is the minimum legal age to have a legal entity). Which allows me to > have access to Series A Funding and so on. > > My goal is to use GnuCash to record Company Ownership. > > I am planning to bootstrap this company early (January, 2019) with $100,000. > > Thus, the journal entry > > 1. Cash DB $100,000 > 2. Paid-in Capital:Jason CR $100,000 > > *However, I have a question, how do you properly manage the Company > Ownership?* > > By the time I reach 21 years old, I will register my company as legal > entity. Thus, Series A Funding. > > I am willing to let go 20% of Company Ownership to an Invenstor or some > Investors at $5,000,000 valuation (Cash DB $1,000,000). *How should I record > this and what account should I make?* > > -Jason Those are questions for your CPA. Depending on your locality, the rules may differ (and the CPA might have their own opinion of how they want it shown when you file). -- Stephen M Butler, PMP, PSM stephen.m.butle...@gmail.com kg...@arrl.net 253-350-0166 --- GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8 ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
[GNC] Bootstrapping and Company Ownership.
Good morning, Currently, I am learning to have a legal entity (I am 19 years old, 21 years old is the minimum legal age to have a legal entity). Which allows me to have access to Series A Funding and so on. My goal is to use GnuCash to record Company Ownership. I am planning to bootstrap this company early (January, 2019) with $100,000. Thus, the journal entry 1. Cash DB $100,000 2. Paid-in Capital:Jason CR $100,000 *However, I have a question, how do you properly manage the Company Ownership?* By the time I reach 21 years old, I will register my company as legal entity. Thus, Series A Funding. I am willing to let go 20% of Company Ownership to an Invenstor or some Investors at $5,000,000 valuation (Cash DB $1,000,000). *How should I record this and what account should I make?* -Jason -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
